National Affairs: 25 Minutes; 45 Pounds

From Manhattan Banker Jeremiah Milbank's yacht Saunterer, at anchor by a Florida key, a motor launch chugged away last week and nosed out northeastward across eight miles of wind-roughened water to the Gulf Stream. Perched high in a wicker armchair astern was Herbert Clark Hoover, a floppy hat shading his eyes, a three-inch starched collar prodding his digastric muscle.

The water darkened from shore-sea green to mid-sea blue. Through it trailed 30 yards of Hoover line, baited with a strip of bonito flesh. Near it on another...

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